Japan helps Myanmar to develop insurance sectorJune 11 2018 by InsuranceAsia News Staff
Myanmar’s insurance sector is expected to get a major boost from Japanese know-how and personnel support, particularly in terms of crafting rules and products.
Ultimately, it is hoped that through such a partnership, the South-East Asian country’s insurance industry can grow into a much more lucrative sector.
Car ownership in the country is now exceeding 50 million. This provides an inviting opportunity to develop insurance products targeting the automobile sector.
The Japanese government will also help Myanmar to revise its 22-year-old insurance business law to help liberalise its financial industry.
Myanmar deputy planning and finance minister Maung Maung Win got wide support for his reform plan, including advice on insurance regulations and practices from Japanese Cabinet Office state minister Takao Ochi during the former’s visit to Japan.
- January 4
Officials said on Wednesday that they are finally ready to award licences to foreign insurers.
- December 17
Foreign firms could provide better quality products and distribution.
- May 21
An investment official has hinted that it is likely to further open the industry to foreign investment.
- March 19
Prime minister Shinzo Abe made the commitment during the Myanmar-Japan Joint Economic Conference.